Sutro Biopharma Files Q3 2024 10-Q

TL;DR

Sutro Biopharma's Q3 10-Q is in, detailing financials and key partnerships like BMS.

AI Summary

Sutro Biopharma, Inc. filed its 10-Q for the period ending September 30, 2024. The company reported on its financial condition and business operations, including details on collaboration and license agreements with entities like Bristol Myers Squibb Company and Tasly Biopharma. Specific financial figures and dates related to these agreements and other business activities are detailed within the filing.

Why It Matters

This filing provides investors and stakeholders with an update on Sutro Biopharma's financial health and operational progress, including key partnerships and their financial implications.

Risk Assessment

Risk Level: medium — Biopharmaceutical companies often face inherent risks related to drug development, regulatory approvals, and market competition, which are reflected in their financial filings.

Key Numbers

• 2024-09-30 — Reporting Period End Date (Indicates the end of the fiscal quarter covered by the report.)
• 2024-11-13 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
• 2022-04-30 — Tasly License Agreement Date (Specific date related to a license agreement with Tasly.)

Key Players & Entities

• SUTRO BIOPHARMA, INC. (company) — Filer
• Bristol Myers Squibb Company (company) — Collaboration Partner
• Tasly Biopharma (company) — Collaboration Partner
• Blackstone Life Sciences (company) — Partner
• Vaxcyte (company) — Partner

FAQ

Key Financial Figures

• $0.001 — nge on which registered Common stock, $0.001 par value STRO The Nasdaq Stock Mar

Filing Documents

• stro-20240930.htm (10-Q) — 2882KB
• stro-ex31_1.htm (EX-31.1) — 15KB
• stro-ex31_2.htm (EX-31.2) — 15KB
• stro-ex32_1.htm (EX-32.1) — 7KB
• stro-ex32_2.htm (EX-32.2) — 7KB
• 0000950170-24-126407.txt ( ) — 10436KB
• stro-20240930.xsd (EX-101.SCH) — 1401KB
• stro-20240930_htm.xml (XML) — 1917KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) 2 Condensed Balance Sheets 2 Condensed Statements of Operations 3 Condensed Statements of Comprehensive Loss 4 Condensed Statements of Stockholders' Equity 5 Condensed Statements of Cash Flows 6 Notes to Unaudited Interim Condensed Financial Statements 7 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 24 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 37 Item 4.

Controls and Procedures

Controls and Procedures 38 PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 39 Item 1A.

Risk Factors

Risk Factors 39 Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities 91 Item 3. Defaults Upon Senior Securities 91 Item 4. Mine Safety Disclosures 91 Item 5. Other Information 91 Item 6. Exhibits 92

—FINANCI AL INFORMATION

PART I—FINANCI AL INFORMATION

Financi al Statements

Item 1. Financi al Statements. Sutro Biopharma, Inc. Condensed Bal ance Sheets (Unaudited) (In thousands, except share and per share data) September 30, December 31, 2024 2023 Assets Current assets: Cash and cash equivalents $ 174,579 $ 69,268 Marketable securities 213,675 264,413 Investment in equity securities - 41,937 Accounts receivable 6,655 36,078 Prepaid expenses and other current assets 10,870 9,846 Total current assets 405,779 421,542 Property and equipment, net 18,997 21,940 Operating lease right-of-use assets 19,027 22,815 Other non-current assets 7,172 3,567 Restricted cash 857 872 Total assets $ 451,832 $ 470,736 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 6,216 $ 9,440 Accrued compensation 13,177 14,686 Deferred revenue - current 72,560 20,666 Operating lease liability - current 7,203 6,420 Debt - current - 4,061 Accrued expenses and other current liabilities 32,135 38,473 Total current liabilities 131,291 93,746 Deferred revenue - non-current 17,999 53,379 Operating lease liability - non-current 17,661 23,154 Deferred royalty obligation related to the sale of future royalties 171,967 149,114 Other non-current liabilities 1,694 1,694 Total liabilities 340,612 321,087 Commitments and contingencies (Note 6) Stockholders' equity: Preferred stock, $ 0.001 par value — 10,000,000 shares authorized as of September 30, 2024 and December 31, 2023; no shares issued and outstanding as of September 30, 2024 and December 31, 2023 - - Common stock, $ 0.001 par value — 300,000,000 shares authorized as of September 30, 2024 and December 31, 2023; 82,395,350 and 61,009,829 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively 82 61 Additional paid-in-capital 825,458 708,975 Accumulated other comprehensive

View Full Filing

View this 10-Q filing on SEC EDGAR